John Eliopoulos and Greg Lee have expanded roles at Telstra Super, Melbourne, Australia.
Mr. Eliopoulos, the fund's head of Australian equities, also is taking on the private equity portfolio, confirmed Jim Christensen, chief investment officer at the A$10 billion (US$9.07 billion) corporate fund. Mr. Lee, who heads the fund's property portfolio, was given responsibility for its infrastructure assets, Mr. Christensen added.
The moves follow the resignation earlier this month of Nicole Connolly, who was head of alternatives.
The fund also is in the advanced stages of appointing a hedge fund portfolio manager and an analyst to assist Mr. Eliopoulos in managing private equity exposures, Mr. Christensen said.
“Hedge fund and private equity allocations are much larger, so it makes sense to have dedicated people,” he said, adding the incoming hedge fund chief would “recast” the program to focus on direct investments with managers, rather than hedge funds of funds.
“We're moving away from the fund-of-fund model to get control over manager selection and more visibility, and fees are lower.”
Simon Mumme is a writer with ="http://www.investmenttechnology.com.au/index.php" TARGET="_blank">Investment magazine in Sydney.